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- W402518208 abstract "This paper compares fiat money and a Lucas' tree in an overlap- ping generations model. A Lucas' tree with a positive dividend has a unique competitive equilibrium price. Moreover, the price converges to the monetary equilibrium value of fiat money as the dividend goes to zero in the limit. Thus, the value of liquidity represented by a ra- tional bubble is part of the fundamental price of a standard interest- bearing asset. A Lucas' tree has multiple equilibrium prices if the dividend vanishes permanently with some probability. This case may be applicable to public debt, but not to stock or urban real estate." @default.
- W402518208 created "2016-06-24" @default.
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- W402518208 date "2015-01-01" @default.
- W402518208 modified "2023-09-25" @default.
- W402518208 title "Rational Bubble on Interest-Bearing Assets" @default.
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- W402518208 doi "https://doi.org/10.2139/ssrn.4315091" @default.
- W402518208 hasPublicationYear "2015" @default.
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